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Help please!! please answer all, its only one problem! please type the answers very clearly. thank you so much!!! 7 1 of 2 Required information
Help please!! please answer all, its only one problem! please type the answers very clearly. thank you so much!!!
7 1 of 2 Required information Exercise 9-17 (Algo) Conventional and average cost retail methods; employee discounts [LO9-3, 9.4) LeMay Department Store uses the retail inventory method to estimate ending inventory for its monthly financial statements. The following data pertain to one of its largest departments for the month of March 2021 Cost Retail Deginning inventory $ 58,000 $ 70,000 Purchases 225,000 418,000 Treight-in 21.060 Purchase returns 8,500 11.000 Net markups 7,600 Met markdowns 5,300 Normal breakage 11,000 Het sales 298,000 Imployee discounts 2,000 kipaed Book Hot Soles are recorded net of employee discounts Print Exercise 9-17 (Algo) Part 1 in 2 Required: 1. Compute estimated ending inventory and cost of goods sold for March applying the conventional retail method. (Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.). Enter amounts to be deducted with a minus sign.) Cost Retail Cost-to-Retail Ratio d $ Beginning inventory Purchases Freight-in Purchase returns Net markups 78,000 418,000 58,000 $ 225,000 21,060 (8,500) (11,000) 7,600 492,600 (5,300) 487,300 Net markdowns Goods available for sale 295,560 Cost-to-retail percentage (conventional retail method) % ces Normal breakage Net salos: Salos Employee discounts Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold (298,000) (2.000) 187,300 $ int Sales are recorded net of employee discounts. Exercise 9-17 (Algo) Part 2 0 renees 2. Recompute the cost to retail percentage using the average cost method (Round your percentage answer to 2 decimal places (ie, 0.1234 should be entered as 12.34%).) Cost-retail percentage Step by Step Solution
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